Question

Define the following financial concepts:

1. Sales Tax

2. Checking account
use simple words and be brief

Answer 1

1. Sales tax — A small extra charge added to the price of goods or services at checkout, collected by the seller and sent to the government (usually shown as a percentage of the sale).

2. Checking account — A bank account for everyday money use: you can deposit and withdraw cash, write checks, use a debit card, and pay bills quickly.